Inox acquires Vaibhav Multiplex in Jaipur

MUMBAI: Inox Leisure Ltd. has entered Jaipur after acquiring the Vaibhav Multiplex. Inox has also signed up two letters of intent (LoI) at Crystal Palms (expected to be operational by December 2006) and Benzer (expected to be operational by January 2008).

Inox Leisure Ltd CEO Manoj Bhatia said, The acquisition of the Vaibhav multiplex is in line with our expansion plans and the multiplex will be on par with our other properties ensuring that movie goers in Jaipur enjoy the Inox experience.

Inox Vaibhav is a two screen multiplex with 787 seats while Inox Crystal Palms and Inox Benzer will have three screens and 750 seats each.

According to an official release, all Inox multiplex properties are located in premium locations and symbolize excellence in design, ambience, features, safety and service. Fitted with state-of-the-art equipment, to provide a superior cinema viewing experience comparable with the best cinemas across the world.

It has a wide presence with eight operational multiplexes, with a total of 32 screens, across 7 cities - Mumbai, Pune, Vadodara, Goa, Jaipur, Kolkata (2 multiplexes) and Bangalore.

Recently, the entertainment company has enterted in the area of film distribution in four territories -- Bengal, Mumbai, Mysore and Rajasthan.

The company has acquired the distribution rights for movies including Garam Masala, Ek Khiladi Ek Hasina, Rang de Basanti and Apharan, to name a few.

To finance the expansion plans and consolidate its position in the existing markets, Inox has proposed to enter the capital market with its IPO of equity shares.

The company has filed its draft red herring prospectus with the Securities and Exchanges Board of India (SEBI) to issue 16,500,000 equity shares of Rs 10 each, including an offer for sale by its promoter, Gujarat Flurochemicals Ltd. of 4,500,000 equity shares of Rs 10 each through book building route.


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